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That is just a vent for the trans. Is it overfilled? The drain and fill check are on the back. But there is a fill for the engine transfer gears that might have been overfilled. Has anyone been been servicing it lately?
I had similar problem with my old 328. The excess oil is from the engine, the shifter shaft passes through the crankcase and into the trans. Over time the oil from the engine leaks into the
 

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I had similar problem with my old 328. The excess oil is from the engine, the shifter shaft passes through the crankcase and into the trans. Over time the oil from the engine leaks into the
transmission until it is overfilled, and will dump out after a good drive. You can replace the shifter shaft seals, or drain the trans and refill to correct amount. Monitor the trans so it doesn’t fill up again. It will probably take a while for it to overfill again. That way you can keep driving tha car.
 
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